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the problems facing the u.s. economy for about an hour and 45 minutes. next on book tv. [applause] >> thanks to the fashion institute of technology. unquestionably the most in the world today. [applause] in addition to being nobel laureates i would have to say from the vantage point for the economic thinking those would be my finalists. [applause] as you know, we've written a book that pertains to the challenges and circumstance the price of an equality. on behalf of them i thank you for your patronage and. let's start with paul. paul, you talked about and this depression now. a lot of people don't believe we could end this now. but agency deutsch human beings have to take on this challenge? something that is recognizably the same kind of animal. we victimize it is the same technology still there and skills are still there. look back to the 1930's and there are a lot of people making the argument that there were no easy answers and you could quickly get out of this [inaudible] and the 1939 and these are fundamental problems and if we want to make progress to cut unemployment benefits and thi
be aboutthe economy and working americans, 98% pass the bill. they have the assurance that they will not be subjected to an increase in taxes january 1. this will give them confidence and it will add immeasurably to the confidence of our economy and that is why we ought to do it. it is not a question of a tactical advantage. it is a question of whether working americans will have the assurance that they will still have the resources to anticipate growing the economy. >> every movement has to have an answer. why can we come together as the american people want us to? i think that we continue to focus on the middle class. we continue to defend and stand for the middle class moving towards what we have in the fall right now with the mohsen -- the motion to discharge. but as the legislation that has already passed the u.s. senate. we should move on that and then we have other things to deal with this year. to send a message to the american people, it is time to move forward and get down to doing the business of the people of this country. >> i don't think the issue of disp
to develop north korea's economy. >> translator: we must start on a path of industrial revolution for the new century to make north korea a great economic power. >> reporter: but there are no tangible signs of improvement. the u.n. world food program says 16 million north koreans, or nearly 70% of the population, suffer from malnutrition. north korea's relations with the outside world are at a standstill. last february the united states agreed to provide food aid in exchange for a freeze on ballistic missile tests. but the deal was broken after the north tested a missile in april. north korea's leadership has been trying to hold direct talks with the united states, but officials in washington said they are not ready to accept. china is also applying pressure on its neighbor. arguing that the missile launch would violate u.n. resolutions. >>> several japanese ships have headed to southwestern japan to get ready for the launch. they're carrying intercepter missiles. a maritime self-defense force vessel arrived at ishiyaki equipped with surface to air missiles. the flight path could take it over
? and what are the consequences for the economy if there isn't one? we'll ask the president's lead budget negotiator, treasury secretary tim geithner. >>> then the view from capitol hill. are democrats as divided over cutting medicare as republicans are over tax increases? with us, two voices calling for compromise. republican senator bob corker of tennessee and democratic senator claire mccaskill of missouri. >>> finally, our special economic roundtable. as both sides battle over the nation's fiscal health, what can we expect from the economy in a second obama term? what is the vision for an economic rebound? >>> from nbc news in washington, the world's longest-running television program, this is "meet the press" with david gregory. >>> and good sunday morning. amidst a lot of partisan rhetoric on both sides, talks on the fiscal cliff are now at a stand still, and the president is back on the campaign trail of sorts. this time to try to win in a court of public opinion for his plan to avert an automatic tax hike for everyone on january 1. that's where we'll start this morning with the po
balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer confidence.
is for the president if the economy slips into a recession. we are talking about 2013 having no growth. >> it would be horrible. >> yeah. so it's a little hard to see what the game is. as kim was mentioning, the president wants these tax increases. it seems to me we will go through this sort of scorpion dance the rest of the year. what did the president campaign on? what was the one thing i think most people would say that he campaigned on? that was raising tax rates on the wealthiest, the two top rates. that's the thing that i think is on the table. and the -- >> but the republicans put that on the table. >> the republicans have put that on the table. >> at least through deductions. debate the rates or deductions. but they are willing to put it on the table. the question is what do the president give the republicans in return, if anything? >> i think that's what the republican position should be. say we have committed to what you campaigned on. if you are not willing to talk about reducing spending, then we aren't going to be able to do a deal with you, and i think that puts the political onus to
. >> by growing the economy. just a couple numbers. already in this meager economic recovery, we've increased revenue to the federal government by $344 billion. if we just return to a normal economy, like we had in 2007, under president bush, where proven was 18.5% of our economy, that would raise another $400 billion per year. the president's proposal right now, the highest estimated is $75 billion, a tenth of that. economic growth is 10 finals more effective at raising revenue. the problem with punishing success, the problem with the president's proposal, it will put that economic growth at risk. you know, i think the best question really is, what is the president's plan? show us your plan. this is about returning confidence to the economy. >> greta: a plan to rev up the economy or a plan for spending cuts? >> a plan for reducing the deficit which actually would return certainty to the economy, restore confidence, which would help economic growth. punishing success will not do that. temporary tax increases don't do that as well. >> greta: it's interesting, almost seems like a game of chicke
because the underlying fundamentals in the u.s. economy are clearly improving, and you also have a stabilization or soft landing happening in china at the same time. >> david kelly, what do you want to be doing here? what's your strategy for the fiscal cliff? do you think we go over it, and what do you want to do? >> for a long-term investor, you don't try and play this one. i agree with stephanie about the market probably going higher once they get a resolution. they will get a resolution. it's possible it could go into early january. i still think they're more likely to get a resolution done before the end of the year. either way, they'll get a resolution done. when that happens, then we'll resort to looking at the u.s. economy, which is strengthening a bit here. also, the extreme and relative valuations between high-quality fixed income and equities will push money towards equities. i would not run for cover here because of the volatility. i think you just have to, you know, hold your ground through this and hope that the market moves higher next year. >> bob, this activity at
on the wealthiest individuals and the economy grew at its fastest rate in a generation. it added more than 22 million jobs. during the following eight years, the top marginal rate dax tax rate was lower, but economy never regained its strength from the reviews decade. middle-class families are vulnerable when the recession began at the end of 2007. i hope this hearing is helpful not just in this hearing, but across this country to people who are watching and waiting for congress to act. i will say more at the end about some of our members who are leaving. it is -- it has been an honor for me to serve as chairman of this committee and also served with my friend, kevin brady, as vice chair. he has been great to work with. i hope there'll be bipartisan success in congress. i look forward to working with him as i change seats in the senate for the next congress. i am grateful to our witnesses, whom i will introduce. before i do that, opening statements. >> i think the chairman for the recognition. this is the concluding hearing from the 112th congress. ,'m behalf of the vice chair kevin brady, on
be done without destroying the economy, but you are right. they have to do some serious spending cutting. hell, 20% of gdp is too high. 1% is where we ought to be. i got to get out of here. the producers are in my ears. many thanks to you all. we appreciate it very much. >>> now the next question is, will reducing the tax detux for charitable giving really hurt america's charities? you may be surprised about what i'm going to say about this, and the facts back me up. get ready for a debate, because free market capitalism is the best path to prosperity. people don't make charities just because of tax considerations. i'm larry kudlow. they have a heart, and that heart is what driving them to be beneficial. [ male announcer ] if you suffer from heartburn 2 or more days a week, why use temporary treatments when you can prevent the acid that's causing it with prevacid24hr. with one pill prevacid24hr works at the source to prevent the acid that causes frequent heartburn all day and all night. and with new prevacid24hr perks, you can earn rewards from dinner deals to music downloads for purchas
the global economy is in trouble when even taco bell and kfc have trouble making money, right? shares of their parent company yum! brands dove nearly 10% today. the company warned fourth quarter sales in china, their single best market, would likely slide. >>> u.s. consumer spending fell for the first time since may. the 0.2% decline in october partially being blamed on the impact of superstorm sandy. why not. >>> starting off tonight, taxes are the talk of the town and have been for daze. seems like much of the conversation is focused on the wealthy to get them to pay more. a new study by the tax foundation flips the argument over who really is paying their fair share on its head. the numbers show tax rate paid by individuals in income top 1%, was 23%. all filers in bottom 50%. paid 2%. that is 10 times more. joining me scott hodge. from tax foundation. we have also the founder. sqm management. thanks for joining us. scott, i want to start with you since the numbers are manying from your foundation. what is the average takes rate for our viewers and why did you decide to isolate this
to focus on this major threat to the economy. i wish others had. it would have given us more time to fix this major problem. at least now there's a focus on one thing and one dangerous man. a man who is not elected. who has never run pour office and is standing in the way after potential economic disaster. he's the ideological godfather of the tea party. grover norquist has been the driving force behind the anti-tax movement. his goal, to take big government and, in his words, drown it in the bathtub. norquist's weapon is the taxpayer protection pledge, which was at one point signed by 95% of gop members of congress. >> can you raise your hand if you feel so strongly about not raising taxes? >> on the campaign trail this year, only one republican presidential candidate, jon huntsman, dared to cross him. norquist has clout. he's called the most powerful unelected man in america today. >> he signed a pledge, it's without congress. >> that pledge is for that congress. >> i'm not obligated on the pledge. >> republicans are jumping ship and supporting unspecified r revenue hikes to help cut t
and boost the economy. mr. benishek: our nation is facing significant challenges. a weak economy, record deficits and a federal government we cannot afford. many northern michigan citizens fear for the future of our republic. the american people deserve solutions to these problems and comprehensive tax reform is a key part of these solutions. president obama has made it clear that his preference is to raise taxes on families and businesses, but that plan won't fix our national debt. it won't improve the economy. instead, congress should focus on tax reform and real significant spending reductions. the american people have chosen divided government, and with that comes a responsibility for us to work together and to fix the pro-our nation faces. i -- the problem our nation faces. i ask my colleagues to help resolve this fiscal crisis and do what's best for the american people. thank you. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from pennsylvania seek recognition? >> i ask unanimous consent to address the house for one minute. the speak
automakers and other sectors - say the economy is strong enough - barely - to withstand either party's direction. "the vast majority think the fiscal cliff's impact will not be enough to drive us to recessionary measures." the chicago fed forecasts the economy will grow at 2.3% next year; unemployment will drop to 7.6%; new housing starts, often a key indicator, will increase to 950,000 new units; and vehicle sales will get a boost - all good news for the midwest. "with 13% of the population, we produce 30% of the vehicles. forecast is for 3.5% growth, which is 15 million units." also, the fed's economic forecasters say by the end of 2013, the price of west texas crude oil will rise about $4 higher than it is now. so overall, a gradual improvement - not fast enough or robust enough to greatly affect the jobs picture, but nothing on the horizon to reverse it, either. in the corporate race against china, the u.s. is gaining ground at a quicker clip. apple and exxon are among the american heavyweights moving up on the global 500 list of largest corporations. american companies now compr
the economy has to be good and she has to decide that it the national mood is going to be such in 2016 that the country is going to want to stick with a democrat. >> michael tomasky, good to have you with us. that "the ed show." and tomorrow night nancy pelosi will join me to talk about the fiscal cliff. "the rachel maddow show" starts right now. >> good evening, ed. thank you. thanks to you at home for staying with us. if you get a tweet from president obama, you will know it by his signature. the president has an official twitter account from which all sorts of on message things get tweeted. but the white house says you know when a tweet has been written by the president himself because in that case the tweet gets a little initial signature. a "bo" in lower case. barack obama, as in i the president wrote this tweet. if it was a dog, it would be the paw print. the president was writing his own tweet this is afternoon. the string of twitter messages about the budget negotiations in washington. the white house announcing in advance today that the president himself wou
that marie solving insolvent firms easier. crucial agreement for restructuring the economy in this transition period as resources must shift from unproductive to productive activities. it is the latter that create jobs. this reallocation process, though sometimes painful in the short run, i'll say always painful in the short run, carries the seed of future prosperity. a growing body of knowledge shows that by increasing the ability of the economy to adjust so that factors can be reallocated to the most competitive firms, aggregate labor productivity can increase substantially. some studies indicate a gain of as much as 20 force 30%. the current focus on competitiveness in france leading towards an institutional and fiscal set up that can support firms investment in innovation is therefore a welcome step in the right direction. another important aspect is the growth and competitiveness enhancing potential of further market integration in europe. one example is a very recent study which finds that applying the eu patent would raise the gains for european firms from patent and inventions by 60%.
they notice the underground economy, and the guy is worth like a billion dollars. he's a big reason for a lot of the cocaine, heroin and marijuana in america. >> wields a lot of power. >> i wonder what else he does. >> heroin, cocaine, marijuana. multiple industries. it's proof to me, i think, that the war on drugs has xleecomple failed if an illegal drug trafficker is in the top 60. he's been on the list since 2009, so they've known about him. it's ridiculous this soort of person would be on the list, but then it calls into question the nature of power. yes, he has this power in terms of the drug economy, but he can't just go anywhere. he's in control of the space he's in, unless there's bodyguards around him. when he goes to restaurants he locks the door and takes the cell phones and pays for everybody's meal. if you can't control the space that you move through, how are you actually powerful? it calls into nature what power is. >> that's why he's not 52. >> he's the number one most wanted fugitive in the world. >> he's seen a lot. maybe that makes him powerful on the wanted posters. let's
this one and that is good for the american economy. >> we look back republican senator rand paul from the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less soc
economy and will her job creation in our country. republicans are committed to continuing to work with the president to come to an agreement to avert the so-called fiscal clef. one reason why we believe that we put revenue on the table as long as it is accompanied by serious spending cuts to avert a crisis. we believe this is the president's request for a balanced approach to this issue, and we are going to continue to work with the president to try to resolve this in a way that is fair for the american people. we all now that we have had the spending crisis coming at us like a freight train. it has to be dealt with. in order to try to come to an agreement, republicans are willing to put revenue on the table. it is time for the president and democrats to get serious about the spending problem our country has. i am optimistic. we can continue to work together to avert this crisis, sooner rather than later. >> good morning. last week, the president's chief political adviser indicated that medicare and medicaid are the main drivers of our deficit. i know we have seen this morning als
the economy back where it should be. it's hard to watch the slow motion grind not discussing the issues. what about the discussion of the cap that has been etched into stone, and i'm not sure why. >> i think because there has been so much of a focus on letting the bush tax cuts expire for the top two percent and the discussions got narrowed to that. it has left us in the trillion dollar area as opposed to looking at real corporate tax reform and other ways that revenue can be generated. it looked like congressman defazio was paining a picture of how we can confront that early next year. >> eliot: he's one of our favorites. i don't think he speaks yet unfortunately for the mainstream, i wish he did. >> right. >> eliot: i don't think he does, but i think it's interesting when you hear what eric cantor says and even john boehner. they still will not discuss raising rates. they're willing to go there the charade of loophole closing and this and that, but none of which gets us where we need to be. >> right. it is amazeing to watch how they are unwilling to listen to what voters said on november 6t
, but a blind duck congress. >> listen, this is not a game. jobs are on the line. the american economy is on the line. >> we've got to reduce our long-term deficit. that's also important to long-term economic growth. and we have said we need to do that in a balanced way. >> how gutless is it to blame the people who are still working in this country? >> the only reason democrats are insisting on raising rates is because raising rates on the so-called rich is liberalism. >> asking for a political price to be paid in order congress to do its job, to ensure that the united states of america pays its bills, does not default for the first time in its history is deeply irresponsible. >> how gutless is it to blame them for the problems that exist in this country? >> their interested in wealth destruction. the country doesn't need a victory lap. it needs leadership. >> president obama had said that he has pen in hand, he's prepared to sign the middle class tax cuts. >> i think it's important congress act now, i mean right now. >> they're still not paying they're fair share? the people working h
and reach an agreement that's going to be good for the country and for the economy. >> then what now? with democratic senator mark warner and kelli ayote. benghazi and obama's second term. with montana governor brian schweitzer, and former hewlett-packard ceo carly fiorina. and susan page of usa today. i am candy crowley. and this is "state of the union." republicans call the fiscal cliff plan a joke, an insult and break from reality. suffice it to say, it is unacceptable to them. the president's opening round offer includes $1.6 trillion in new taxes, $400 billion in savings from medicare and other entitlement programs, $50 billion in new stimulus spending, and an additional $285 billion to fund depreciation and mortgage programs, unemployment insurance benefits, and payroll tax cuts. >> this extra spending, that's actually greater than the amount they're willing to cut. i mean, it's -- it was not a serious proposal. >> while his aides were on capitol hill offering up the opening bid, the president was making his case in pennsylvania campaign style. >> at the end of the day a clear
and the demand for oil -- actually, and the demand for oil continues to decline based on fuel economy standards and other reasons. and yet, with this revolution we still continue to have a problem. and i think the report that we're releasing today, the national strategy for energy security and its subtitle really says it all -- harnessing american resources innovation. and the first point is, how do we leverage this abundance we have in the united states to our maximum benefit? at a time when washington is talking about our fiscal crisis i'd say that the relationship of our oil needs to this crisis itself are close. it might not solve our fiscal crisis but clearly it's a necessary ingredient. every recession in the history of the united states in moden times has been preceded by or happening concurrent with an oil price spike. if we don't have continued growth we can cut all we want and raise revenue all we want, but we'll never find a way to solve our fiscal troubles. and i think this report really looks at how do we leverage this great abundance, this great blessing in the united states, both
think the ramifications for the economy are too significant. i think we're watching whatever you want to call it, all of the politics playing out, but i still think in the end we'll get a last minute deal. >> i agree. and i think even though the sides are far apart, you have things on the table now. so you can say you're here at 800, 1.6, you kind of -- it gets you somewhere close. somebody will try to say 1.3 versus 1.1, but if you see publicly what they're stating and hopefully privately other things are going on, but it will get done, but it will be very slow. >> john boehner with the proposal he put on the table, i did see commentary from some of the far right saying this is not an acceptable proposal. even his proposal is not acceptable. i did see comment it ter that came through. my question is does the president now have to alienate some of his far left base in order to reach a compromise. >> i think you'll see both of them have to actually bring the parties together. because you won't get everybody happy. some of the people who got voted on the ticket side, no, never. but it w
is not good for -- on a bad deal is not good for the american economy. we had a good first quarter, reasonably good second quarter, third quarter, driven with this uncertainty with respect to the election and financial cliff, and the economy ground to a halt, we have a backlog of economic development project in the southeast, 300 projects representing $15 billion of investment, 45,000 jobs, good paying jobs. those -- >> does that evaporate if dividend taxes go up? >> if we go off the financial cliff, most economists predict another economy growth, there is no reason to move forward. neil: maybe the point for you, better than -- i know where you are coming from. >> let me tell you -- neil, wait could one more point. kicking table economic 48% of our family in southeast make less than $40,000 a year, any increase in taxes that slows the economy would be -- neil: would a cliff be worth it? >> a cliff would be bad short-term, cause a recession, but at least it might do something about getting us focussed on spending, that is the part of the ledger that congress ignores it is amusing that harry rei
. we have to put entitlements on the table? >> for the sake of the over all economy we must put enments on the table. over the last four years entitlement spending is growing faster than the over all economy. this is why president obama has this country in record debt. that hurt the economy. take-home pay decreased under president obama. we must get entitlements under control. >> rick at the unemployment and housing vouchers. it is 800 billion extra spending. doesn't that have to be cut. >> there is no chance that there will be a dole without entitlement cuts. what senator durbin is talking about is the importance of focusing. if we want a deal you will not doing by taking a wide sprect rum approach. president clinton was clear when he spoke to the republicans. he pointed out that the biggest driver of the united states debt is medicare. he understands that we have to face up to the medicare problem. we need a solution. >> the conference that rick was referring tompt he said folks, i won and i get to make the decision and he grew the budget by 800 billion every year. one-time stimulus h
it to some of the other developed economies, you can see how well australia is holding up. we've seen growth of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending.
-breaking corporate profits show the economy is well on the road to recovery. what does it mean for workers? i'll give you some numbers and sam stein will be along with the conversation. >>> and world leaders say farewell to hillary clinton with a ringing endorsement. you'll want to see this video. michael tomasky on whether hillary clinton will make a run for the white house. share your thoughts on facebook and on twitter. we're coming right back. >>> welcome back to "the ed show." thanks for watching tonight. republicans are doing a lot of maneuvering on the fiscal cliff. president obama and the democrats have put forward a plan relying mostly on raising more revenue from the wealthiest 2% of the country. republicans rely mostly on cuts affecting the middle class and the poor and republicans aren't specific about how they get $800 billion in revenue. for the conversation, let's turn to richard wolffe, msnbc political analyst and vice president and executive director of msnbc.com. and molly ball, political reporter for "the atlantic." the republican proposal includes ryan's voucher program for medica
's time i explain to these good people about the fiscal cliff. think of the economy as the car and the rich man as the driver. if you don't give the driver all the money, he'll drive you over a cliff. it's just commonsense. >> finally someone on the right willing to tell the truth. but here's the thing. this time it doesn't matter if mr. burns, speaker boehner, or the tea party try to hold the american people hostage just to get what they want. the president isn't going to budge. >> so i want to sq thank you both for coming on the show tonight. congresswoman, let me start with you. is the gop serious about holding the economy hostage again just to get what they want? >> well, think about the cards that they are holding. they are in favor of tax cuts for the rich. they want to cut tax care programs and medicare and make seniors pay and threaten the economy of the united states of america by defaulting on payments or at least to threaten that. this is not a very popular position among the public. in fact, they will be -- i think it's a suicide mission that they are on, that the a
to protect the top 2%. better to take the hit now, they argued, than in january with the world economy in turmoil and second recession coming. number two, john boehner, the speaker is claiming he's met obama's demand for higher taxes for the rich. that's good. he agreed in principle the rich must pay more. number three, there's talk for the republican leaders that they could vote to continue the tax cuts for the 98% now and therefore avoid the fiscal cliff and put off for now the top 2%. and the question then, let the debt ceiling not take effect. a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loophol
to work on what we all agree to, which is let's keep middle-class taxes low. that's what our economy needs. that's what the american people deserve. >> white house also turning to social media has a twitter hash tag to spread its message. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress. write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag #my2k. not y2k, my2k. >> i think that's going to push us into the promised land. >> i was incredibly encouraged. i had been depressed and then i said this could actually get done with a hash tag. >> you're very pessimistic. we heard erskine bowles saying yesterday, he thinks it's less than a one in three chance, of course, co-author of the simpson-bowles plan. >> i was in washington earlier this week and met with a lot of these characters. the bottom line is there have been a lot of meetings, most of them between people w
. and furthermore, his tax proposal will kill about 700,000 jobs and do harm to the economy, again the wrong direction. host: and that was the new g.o.p. conference secretary voicing her thoughts on the fiscal cliff negotiations yesterday. and we want you to address the issue of what the g.o.p. is raising, which is address the spending problem. 202 is the area code for our numbers. that's our question this morning in this first segment of the "washington journal." you can also contact us via social media and email. you can make a comment on our facebook page, and finally send us a tweet. here is the hill newspaper from this morning. g.o.p. forget tax rates in talks on the deficit, let's look at the spending. the speaker's swift rejection of an idea floated by representative tom cole of oklahoma, a respected party strategist and former chair of the house g.o.p. campaign committee came as the republicans voiced increasing concerns over the debate of the so-called fiscal cliff. boehner said it's time for them to get serious about the spending problem that our country has. republicans complain t
news" with scott pelley. >> pelley: good evening. the u.s. economy is looking significantly stronger tonight than it of did just a short while ago. have a look. the government revised its estimate of third quarter growth from 2% to 2.7. that means the economy was growing more than twice as fast in the third quarter as it was in the second when growth was just 1.3%. so, are we turning a corner or is this a one-quarter wonder? we asked anthony mason to find out. >> reporter: business is looking rosy at the internet retailer wine.com. new york general manager chris boone is expecting a strong holiday season. in from thanksgiving on, we've got our running shoes on, and we're running and hustling. >> reporter: wine.com just had a huge third quarter. sales jumped 15%, and the company recently expanded into a new warehouse. >> the old warehouse we had was 15,000 square feet. this current one is 30,000. it's great for us, it's great for business, and i'm happy to ae the growth. >> reporter: across the u.s., economic signals are improving. pending home sales, which track contract signings, ju
fewer not good for our businesses. it's not good for our economy. it's not good for employment. that's one path. congress does nothing, we don't deal with this looming tax hike on middle class families, and gets hit with this big tax hike and businesses suddenly see fewer customers, less demand, the economy, which we've been fighting for four years to get out of this, you know, incredible economic crisis that we have, it starts stalling again. so that's one path. the good news is there's a second option. right now congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. everybody. so that means 98% of americans, 97% of small businesses wouldn't see their income taxes go up by a single dime, right? because 98% of americans make $250,000 a year or less. 97% of small businesses make $250,000 a year or less. so if you say income taxes don't go up, income above $250,000, the vast majority of americans, they don't see a tax hike. but here's the thing, even the top 2%, even folks who make more than $250,000, they still keep their tax cut on the firs
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